What is RateCheck?
RateCheck allows paid users to check rates for live transactions.
How is it different from RateCheck and TPO?
Please refer to comparison table to know the difference between RateCheck/RateCheck/TPO
Which all currencies we can check using RateCheck function?
A paid user can check the rates for following currencies - USD/INR, EUR/INR, GBP/INR, JPY/INR. RateCheck is available between 9 am to 5 pm IST between Monday to Friday. As per RBI guidelines, merchant transactions are permitted till 4:30 pm only.
Rates quoted on MFE are live rates? What is the source of these rates?
Yes, MFE rates are real-time and updated once every minute. These rates are picked from multiple sources including rates negotiated with 50+ banks for customers using TPO service of MFE.
There is a time gap between the rates check on MFE App and rates quoted by bank. How can we check the rates while talking to the bank?
RateCheck comes with a beautiful feature of refreshing rates every one minute while you are on a call with your bank. It is simple, Open MFE App > Input transaction in less than 30 seconds and DON'T press Submit button > Go to phone dialer > Call banker > Once the bank quotes rate open MFE App and press Submit to check the difference in rate offered. It is beautiful, isn't it?
We got huge difference in rates quoted by bank and MFE rates using RateCheck feature. What is the next step?
Paid users can directly call MFE dealing room from RateCheck screen. Before calling the dealing room, user has to update the last best quoted rate by the bank. MFE dealers will negotiate rates from the bank and try to reduce the gaps. In case we bring down the difference, MFE will charge user a sum of Rs.1000 or 20% whichever is higher.
How can we get assistance from MFE to automate the forex rate booking process? And what are the costs associated with this?
RateCheck customers who finds it tough to negotiate rates from banks can upgrade to TPO services. A resolution needs to be passed in favour of MFE dealers allowing them to cover transactions from respective banks. TPO customers pay annual charges which are dependent on Annual forex volumes. More than 300 customers avail this service currently.
Our bank is objecting to involving any third party for these transactions. We are not allowed to involve MFE. What is the remedy?
It is detrimental to banks interest to allow its customers to outsource rate booking. It directly and immediately affects their profitability from you. Are you aware, banks outsource most of their sales, back office operations to third party to save costs. The banks also sells third party products through their branches. If they can outsource their operations why restrict the client. As a business entity it is completely your discretion to decide on outsourcing. Even RBI doesn't stop you from hiring a professional to manage forex operations.
Our bank has promised not to charge excess margin henceforth. We are confident from now on bank will not charge excess margin. Can we trust the bank?
It is good news that you have a bank who listens to your requests. What is the surety the bank will not overcharge in future once they build trust with you? We have seen many customers returning to MFE to handle their Fx transactions when they rechecked rates after some time. It is impossible for bank to work on agreed margin due to profitability pressures from seniors, shareholders etc
When we find differences in rates, our bank doesn't listen to when we try and negotiate basis rates shown on MFE. What is the solution?
It is natural for bank not to accept differences in rates. Rate negotiation isn't easy. You are fighting with bankers who are more knowledgeable than you or your staff. The ultimate solution is to sign for TPO services and relax as far as forex rates are concerned.
We have a very low forex turnover (<5 crore per annum). The benefits will be far lower than the cost of MFE in providing these services?
MFE charges are fractional when compared with the savings. MFE provides services to customers having forex exposure of less than 1 crore as well. These customers find value in our services.
How many clients have availed this service? Can you share the list of clients?
So far we have serviced more than 500 clients all over India. We have 3 international clients as well. No, we can't share the list of clients as we don't have permission from our customers.
Our bank doesn't inform us before applying rates to forex transaction. What can we do?
Yes, we are aware of such practices. This largely happens in case of MNC, IT/ITES clients who are not bothered to check rates. We suggest you to immediately instruct your bank to seek disposal instructions before applying rates. Disposal instructions makes it mandatory for banks to call and take orders before converting currencies.
How many banks does MFE deal with?
MFE currently deal with 50+ banks on behalf of its customers.
Is RateCheck chargeable? If yes, how much?
Yes, RateCheck is chargeable. A client has to make online payment of Rs.20000 per annum for availing RateCheck services. It comes with host of other services which makes the service highly cost effective.
In case we need dealer assistance while negotiating rates, do we need to pay anything extra?
Yes, clients have to pay 20% of savings or Rs.1000 whichever is higher for all successfully negotiated transactions. The bill should be cleared in 30 days else dealing room support will be withdrawn.
How can we pay once we decide to take services?
RateCheck subscription can be paid online using MFE App or website. Once payment is received account is activated in less than 24 hours.
We have 3 companies in our group. Are we going to be charged on a group company level?
RateCheck services are for individual companies and can't be clubbed for the entire group.